The prospect of having multiple births is scary enough in itself, but what about the financial implications of having two or more new babies to care for? Your expenses will be doubled or thereabouts and having one baby can cost a pretty substantial amount, so budgeting is going to be vital if you don’t want to get into debt or struggle financially.
You’ll have enough to cope with taking care of your newborns without having to worry about money too, so it makes sense to sort out your finances before the babies arrive.
Your personal budget spreadsheet
You may not have felt the need to create a budget before, or you may use one all the time, but now you’re expecting more than one baby you should create one or revamp your existing one. Many of your expenses will be doubled, for instance you’ll need twice as many clothes, diapers, and car seats. However not all costs will be as much as double. For example, a twin baby buggy won’t cost as much as two single buggies, so you’ll save a few dollars here and there.
If you’re new to budgeting in this way, there are many helpful resources available online showing you how to set up your spreadsheet, what to include, and in many cases providing templates for you to use. It shouldn’t take more than a few hours to set up a budget from scratch, and once it’s created, you’ll have a clearer idea of how you’ll stand financially over the next year, and it’ll give you a good idea of your position in the following years too.
You should consider the following types of insurance:
- Health insurance. You should have some form of health insurance in place already, but it’s a good idea to review your coverage and make sure you’ve got the best you can afford.
- Disability insurance. The financial blow of losing a salary through serious illness or injury could be devastating, on top of the strain of being afflicted with a severe health problem.
- Life insurance. If you haven’t got a life insurance policy in place, now is the time to arrange one. Life insurance is essential for anyone who has dependents who would face financial difficulties should you pass on or be unable to work. A reputable comparison site like Insurance Geek can advise you on the best time to buy life insurance, which may well be when you’re younger and healthier, as your premiums will be lower.
As well as taking care of your income and outgoings and insuring yourself against what may go wrong in the future, it’s sensible to make arrangements for who will care for your children if you no longer can. You can stipulate this in your will, and making a will also ensures that whatever assets you have are used to care for the children in the future. It may seem slightly contrary to be thinking about your passing when you’re starting a family, but taking care of these practical arrangements will give you peace of mind and financial security going forward, so all you have to do is concentrate on your new twins.